Bank of Canada Interest Rate Update - July 2026
The Bank of Canada met on July 15th and held rates steady. Our lender's Prime Lending rate remains at 4.45%. No surprises here, this one was expected. Here's what a hold actually means for you.
Read the official BoC announcement here:
https://www.bankofcanada.ca/2026/07/fad-press-release-2026-07-15/
What This Means for You
If you have a variable rate mortgage: No change to your rate or payment. Everything stays exactly where it is.
If you have a HELOC: No change to your rate or payment. If you're carrying a balance, nothing shifts today.
If you have a fixed-payment, variable-interest mortgage: No change to your rate, and no change to how much of it goes toward interest versus principal. This one's a non-event for you.
However, if you have not decreased your payment since 2024, you may have an opportunity to get a lower payment and make life more affordable today. Reach out to our team for support!
If you have a fixed rate mortgage: No change, as always. Your fixed rate is locked until renewal regardless of what the Bank of Canada does in the meantime.
Should You Lock In?
A hold doesn't force any decisions, which is honestly the easiest kind of announcement to sit with. If you've been comfortable in your current rate, there's no reason to change course based on today's news alone. That said, a hold is also a good moment to check in on your plan rather than just coasting. If your renewal is coming up in the next year, or you've been quietly wondering whether you should switch from variable to fixed, this is a low-pressure time to have that conversation, since nothing is moving under you right now. With that said, fixed rates are higher than usual today as a result of the conflict in the Middle East. For this reason, now is a great time to have a conversation with me about your situation, comfort level, and future rate expectations. If it's been on your mind, don't let a quiet month be the reason you keep putting it off.
Some of Our Lowest Fixed Rate Options Today*
1 year @ 4.54%
2 year @ 3.94%
3 year @ 3.99%
4 year @ 3.99%
5 year @ 4.04%
*Conditions apply.
What I'm Doing
At the moment, two of my three mortgages are variable, and one is fixed. I locked in one of my rental properties earlier this year to diversify my approach and reduce some risk. Even with everything happening in the Middle East, I still feel comfortable staying mostly variable for now.
Next Steps
Nothing here requires action today. But if your renewal is coming up, or a question about your mortgage has been sitting on your to-do list, this is a good, low pressure moment to have a conversation. Please don't hesitate to reach out.
As always, our team is here if you have questions.
Next BoC announcement date: September 2, 2026 stay tuned for our next update then!
